Mar-A-Lago Has A Flood Insurance Policy Through The Federal Government

WASHINGTON ― Federally insured property in Florida is in the crosshairs of potentially catastrophic Hurricane Irma ― including President Donald Trump’s Mar-a-Lago estate in Palm Beach.

The property has a flood insurance policy through the National Flood Insurance Program, a Federal Emergency Management Agency spokespersontold HuffPost. The program provides affordable insurance in flood-prone zones where private insurers have traditionally refused to insure properties because they’re so vulnerable.

The Mar-a-Lago club’s policy, which is insured to the Trump Organization and Donald J. Trump Revocable Trust, is not subsidized and is classified at a full-risk rate for the applicable flood zone, the FEMA spokesperson said.

A property covered at the “full-risk” rate means that its owner is paying a rate that reflects the full risk of flooding up to a certain coverage amount. Older properties can be “subsidized,” meaning their rates do not necessarily reflect the full risk for those properties. The 1968-era National Flood Insurance Program, or NFIP, offers a mix of rates.

(read more).

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